New Delhi: To curb loopholes in central schemes, government has decided to universalise the use of Public Financial Management System (PFMS) to cover all transactions or payments under the Central Sector Schemes.
PFMS provides scheme managers a unified platform for tracking releases and monitoring their last mile utilisation. The department of expenditure is administering the PFMS, which is an end-to-end solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting.
PM Narendra Modi has emphasised the need for improved financial management in implementation of central plan schemes so as to facilitate just-in-time releases and monitor the usage of funds including information on its ultimate utilisation.
The department of expenditure has issued detailed instructions to the ministries to integrate their systems or applications with the PFMS by 31st October, 2016 and for all grantee institutions by 31st March 2017.
